Gold rate today on October 23 in Mumbai, Kolkata, Delhi, Chennai: Here are latest gold, silver prices in your city

It is that time of the year when precious metals such as gold and silver are hitting new peaks both in demand and pricing…The 24-carat gold rates are now edging close to Rs 80,000 per 10 grams. Diwali and especially Dhanteras sees higher buying sprees amongst consumers in India.

Gold prices have been fluctuating week-on-week, influenced by geopolitical uncertainties and rising festive demand. As a safe haven asset, gold remains a popular choice among investors during uncertain times.

Gold to maintain upwards momentum

Gold prices have surged nearly 37% over the past year, compared to October levels last year, with prices closely tied to currency fluctuations and geopolitical developments. Notably, a two-year analysis shows gold prices have doubled year-on-year. From October 2022 to now, gold has witnessed a significant 64% increase in value.

Experts on Gold Outlook

Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices have surged again, with buying interest in safe-haven assets such as bullion remaining strong as risky assets continue to underperform. On the MCX, gold prices have risen to Rs 78,300, reflecting a Rs 300 gain, and the bullish momentum continues to drive prices higher. As investors seek refuge in precious metals amid global economic uncertainties, geopolitical tensions, and concerns about the performance of traditional risk assets, gold continues to breach fresh levels above Rs 78,000.

Also ReadFMCG stocks likely to continue weakness; PSU Bank may see bounce back, says Anand James of Geojit Financial Services

Trivedi also added that the next resistance levels are anticipated around Rs 78,750-Rs 79,000, while support is seen in the Rs 77,800-Rs 78,000 range. With the risk barometer staying high, this persistent demand for bullion is likely to keep driving gold prices upward in the near term. Market participants will be closely watching for any developments in interest rates, global conflicts, and macroeconomic data, as these factors will play a key role in shaping gold’s trajectory.

Why is gold a safe haven investment

Gold is widely regarded as a safe haven investment due to its role as a hedge against monetary expansion and its ability to preserve currency value. Additionally, it is resilient to inflation, often protecting investors from its detrimental effects. As the cost of living rises, gold’s relative value typically increases, safeguarding portfolios from potential devaluation.

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